Xi Jinping seeks bigger voice for BRICS on global economic governance

President Xi Jinping said the leading developing countries should have a larger say in global economic governance during his visit to Australia for the G20 summit. Analysts said that fitted with China's efforts to promote its global economic status.

Xi made the appeal on Saturday at an informal meeting with other leaders of the so-called BRICS - Brazil, Russia, India, China and South Africa - before the summit got under way in Brisbane over the weekend.

"Economic cooperation is the sustaining power to drive the development of the BRICS nations," Xi said. He said the countries should develop an integrated market and promote better financial connections, infrastructure and cultural exchanges. The president pledged to make long-term plans for economic cooperation and to build a closer economic partnership.

Xi also called for the establishment of a development bank and contingency reserve arrangements among the BRICS nations. That was an important step for China to expand its investment capacity while promoting its economic status, said Li Lifan , an expert on Central Asian affairs at the Shanghai Academy of Social Sciences.

The BRICS leaders signed a landmark agreement in July to create a development bank and a US100 billion currency exchange reserve.

Establishing regional development banks for emerging economies was a good way for China to make better use of its foreign exchange reserves and enlarge its investment channels, Li said.